QI electronic reporting tool: eFIRE
eFIRE: Your QI software, the user-friendly tool for preparation and submission of 1042-S et 1042 US forms.
QI (Qualified Intermediaries) have to comply with the annual IRS electronic filing and reporting requirements of form 1042-S (foreign person’s US source income subject to withholding) as well as paper information reporting form 1042 (annual withholding tax return for US source income of foreign persons) due by every march, 15.
In order to enable you to meet your IRS filing requirements on time and accurately, mitigating the possibility of incurring IRS penalties, BDO and its IT firm, Datagest, have created a simple, efficient and innovative solution: eFIRE.
eFIRE allows either a manual and interactive input or a file upload of the Forms 1042-S records in case of high volume.
Additionally, the tool carries out automated, multiple consistency controls and keeps evidence of the reports sent to the IRS (history review of reports sent to the IRS) and allows to make easily adjustments during the year (1042-S Amended).
eFIRE helps QIs to address their non-resident U.S. tax reporting needs:
- Reporting of US Form 1042-S is generally only possible by using the IRS FIRE System,
- The IRS FIRE System does not provide an on-line fill-in option. You must transmit your data in the specific format required by IRS,
- eFIRE builds the link to the IRS FIRE System by offering you to use the easy-to-handle eFIRE interface,
- eFIRE pre-fills Form 1042 based on the information contained in the different Forms 1042-S,
- eFIRE ensures to the greatest extent possible that you report the correct information by implementing the legal requirements into the software framework,
- eFIRE is continuously updated and monitored by our IT- and Tax-experts to ensure it always meets the latest IRS transmission format requirements,
- eFIRE allows you to steadily process your data in line with regulatory requirements as well as industry security standards.
eFIRE is distributed in « Cloud » mode or in a « Classic » mode (installed on your own Windows server).
Don’t let others be more successful than you !
Choose eFIRE : a real desktop for your 1042 and 1042-S US forms.
Download the flyer Subscribe to a demo